The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in May, matching the 1.7% increase in April.
Compared with one year earlier, a smaller price increase for rent and a decline in travel tours put downward pressure on the CPI in May. Smaller declines for gas and cellular services put upward pressure on the index compared with the previous month.
Excluding energy, the CPI rose 2.7% in May, following a 2.9% increase in April.
On a monthly basis, the CPI rose 0.6% in May. On a seasonally adjusted monthly basis, the CPI was up 0.2%.
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